Market To Be Volatile On F&O Expiry, Initiate Short Only If Nifty Closes Below 11083

Last Trading Session: Indian Stock Market opened flat as predicted by Equitypandit. EquityPandit predicted that the Indian Stock Market would remain rangebound and traders can book partial profits now as the market is near its resistance levels and hence traders should book partial profits and hold remaining positions for now. Indian Stock Market saw strong resistance right near EquityPandit’s predicted resistance levels of 38635 for Sensex. Downfall in the share price of Reliance Industries (-3.72%), Nestle India (-2.91%), HCL Tech (-2.53%) and HDFC Bank (-2.03%) pulled the market downside. Finally, Indian Stock Market closed negative for the day.

Today: Indian Stock Market would open flat with a positive bias. Technically, Nifty is still in the positive zone whereas BankNifty is in the negative zone. We may see some short covering today with high volatility due to F&O Expiry. US FED kept rates unchanged and hence US markets saw a sharp positive rally. Asian Markets also followed the trend. Analysis would still remain the same. Nifty would enter into the negative zone only if it closes below 11083 levels whereas BankNifty would enter into the positive zone if it closes above 22516. Traders should wait for either of the two to happen. We have already booked partial profits at higher levels and for now traders can hold remaining long positions with proper hedging and a stop below 11083 for Nifty on closing basis. Conservative traders can book full profits for now and can re-enter into long positions if BankNifty closes above 22516. Traders should initiate fresh short positions if Nifty closes below 11083 as the market would confirm the negative trend and would be considered overall bearish if that happens.

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Nifty:

BankNifty:

Check the Trend Of Major Indices and Stocks

FIIs were net sellers of Rs.352.65 crores whereas DIIs were net sellers of Rs.505.62 crores in the cash market for the last trading session. Nifty would see strong support at 11165-11100-11065-11040-10945  whereas strong resistance would be seen at 11240-11267-11301-11390 levels. EquityPandit’s support and resistance levels always meet accuracy and hence traders are suggested to follow them for good profits.

Important Results To Be Declared Today: Aegis Logistics, Ajanta Pharma, cholamandalam Investment & Finance Company, Dabur India, Essel Propack, Gateway Distribarks, GMR Infrastructure, Great Eastern Company Shipping, Gujarat Fluorochemicals, HDFC, IFB Industries, India Tourism Development Corporation, JM Financial, Laurus Labs, Linde India, Mahindra Logistics, Max Financial Services, Piramal Enterprises, Rain Industries, Reliance Industries Ltd, SRF, Tata Communications, Torrent Pharmaceuticals, vaibhav Global Limited and Westlife Development.

NSE Nifty: (11203) The support for the Nifty is 11165-11100-11065-11040-10945 and the resistance to the up move is at 11240-11267-11301-11390.

NSE BankNifty: (22077) The support for BankNifty is 22025-21925-21815-21675 and the resistance to the up move is 22276-22545-22745-22850.

BSE Sensex: (38493) The support for the Sensex 38340-38265-38227-38110 and the resistance to the up move is at 38635-38700-38747-38800-38950 levels.

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